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21. The Impact of Economic Globalisation on Firm Performance and the Labour Market: Evidence from Japan

Author:
Keiko Ito
Publication Date:
10-2019
Content Type:
Working Paper
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
This paper summarises the major findings and arguments in the literature on the impact of globalisation on firm performance and the labour market, focusing on the case of Japan. Internationalised firms show better performance. Although offshoring has shifted labour demand towards skilled workers, thedirect contribution of globalisation to the widening wage gap is quite limited. The empirical evidence for Japan is more or less consistent with that for other developed countries, but some observations on Japan are worth pointing out. First, several empirical studies confirm a learning-by-exporting effect. Second, there is no strong evidence that increases in imports from China have reduced domestic employment. Increases in imports from China have a positive effect on value added growth in downstream industries, implying that imports from China are likely to be complementary to domestic production in Japan.
Topic:
Globalization, Industrial Policy, Labor Issues, Exports, and Imports
Political Geography:
Japan, China, and Asia

22. US-China Trade Tensions: Impact on Mexico | Estados Unidos-China Tensiones Comerciales: Impacto en Mexico

Author:
COMEXI
Publication Date:
06-2019
Content Type:
Working Paper
Institution:
Mexican Council on Foreign Relations (COMEXI)
Abstract:
For the mid- or long-term, no country in the world—and much less Mexico—benefits from a strained environment in which there is no adherence to international trade rules. However, for the short-term, a strained trade environment produces adjustments to the supply chains, which could benefit competitors of those economies that are currently in conflict. Mexico, the second supplier of the United States only behind China, could reassert its position as a credible competitor of the Asian economy in the US. Likewise, in the context of trade friction, or even just the threat of a conflict, Mexico could strengthen its trade positioning in China by replacing part of the US offering. /// En el mediano o largo plazo, a ningún país del mundo, y menos a México, le conviene que exista un clima de tensiones donde no se respeten las reglas del comercio internacional. Ahora bien, en el corto plazo, el clima de tensiones comerciales genera ajustes en las cadenas de suministro, lo cual puede beneficiar a los competidores de las economías en conflicto. México, el segundo proveedor de Estados Unidos sólo después de China, puede reafirmar su posición como competidor creíble de la economía asiática en Estados Unidos, así como fortalecer su posición comercial en China, al sustituir parte de la oferta estadounidense, en un contexto de fricciones comerciales o su amenaza.
Topic:
Foreign Policy, Economy, Economic growth, Trade Wars, Exports, and Trade
Political Geography:
China, Mexico, and United States of America

23. Working in Export Manufacturing: A Blessing or a Curse?

Author:
Francesco Amodio and Andreas Menzel
Publication Date:
12-2019
Content Type:
Policy Brief
Institution:
Institute for the Study of International Development, McGill University
Abstract:
In popular opinion, manufacturing in developing countries is often associated with low wages, dangerous working conditions, lax regulation, and worker exploitation. Research has shown that factories producing for export or based on FDI pay wages equivalent to other sectors, have higher labour standards, and employ large numbers of female workers. However, there are reported adverse effects on well-being, and consequences for young workers. While skepticism remains on buyers’ ability and interest in improving labour standards, there is some evidence of improvement through safety councils and more skilled management. Fears of consequences for competitiveness have been largely unfounded.
Topic:
Labor Issues, Global Markets, Economic growth, Exports, and Manufacturing
Political Geography:
Global Focus

24. Exporting for Growth: Identifying Leading Sectors for Egypt and Tunisia Using the Product Space Methodology (التصدیر من أجل النمو: تحدید القطاعات الرائدة في مصر وتونس باستخدام منھجیة فضاء المنتجات)

Author:
Amirah El-Haddad
Publication Date:
01-2018
Content Type:
Special Report
Institution:
German Development Institute (DIE)
Abstract:
This discussion paper is available below in both Arabic (2019) and English (2018). The structural transformation of countries moves them towards more sophisticated, higher-value products. Network analysis, using the Product Space Methodology (PSM), guides countries towards leading export sectors. The identification process rests on two pillars: (1) available opportunities, that is, products in the product space that the country does not yet export which are more sophisticated than its current exports; and (2) the stock of a country’s accumulated productive knowledge and the technical capabilities that, through spillovers, enable it to produce slightly more sophisticated products. The PSM points to a tradeoff between capabilities and complexity. The methodology identifies very basic future products that match the two countries’ equally basic capabilities. Top products are simple animal products, cream and yogurt, modestly sophisticated plastics, metals and minerals such as salt and sulphur for Egypt; and slightly more sophisticated products such as containers and bobbins (plastics) and broom handles and wooden products for Tunisia, which is the more advanced of the two countries. A more interventionist approach steers the economy towards maximum sophistication, thus identifying highly complex manufactured metals, machinery, equipment, electronics and chemicals. Despite pushing for economic growth and diversification, these sectors push urban job creation and require high-skill workers, with the implication that low-skilled labour may be pushed into unemployment or into low-value informal jobs. A middle ground is a forward-looking strategy that takes sectors’ shares in world trade into account. This approach identifies medicaments in the chemicals sector; seats (e.g. car and aeroplane seats) in the “other highly manufactured” sector; inflated rubber tyres in the chemicals community (plastics and rubber); containers, bobbins and packages of plastics also in the plastics and rubber section; and articles of iron and steel in the metals sector for Egypt. The top product for Tunisia is furniture in the highly manufactured and special purpose goods community, followed by three products in plastics and rubber in the chemicals community, and finally three machinery sectors.
Topic:
Development, Economic growth, Exports, and Economic Development
Political Geography:
Middle East, North Africa, Egypt, and Tunisia

25. A Study on the Dynamics of Foreign Trade and the Issues of Regional Economic Integration in Central Asia

Author:
Kodirjon Maxamadaminovich Umarkulov
Publication Date:
11-2018
Content Type:
Working Paper
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
At the current stage of globalization, Central Asia (CA) is becoming a focal point for the political and economic interests of global forces because of its rich natural resources and critical strategic position. From this point of view, the CA countries need to form a joint development strategy for solving regional problems and a strong mechanism for countering the main political and economic conflicts in the region. At the same time, the countries of the region need to choose the path of joint development in order to increase the efficiency of their internal capacities and resources, adapt the domestic social and economic infrastructure to modern requirements and improve the living standards of the population. This is directly related to the progress of regional economic integration in CA. Through this integration, the economies of the countries in the region could complement each other and ensure a high level of development in mutual trade and industrial development. However, there are some obstacles and problems hindering the development of economic integration in the region. Most particularly, the weak infrastructure in the region, its economic-geographical isolation from world markets, administrative barriers and political instability hinder trade between the countries of CA. From this point of view, this study focuses on the problems of general and cross-border trade in CA countries, and the opportunities for economic integration in the region.
Topic:
International Trade and Finance, Regional Integration, Economic Policy, and Exports
Political Geography:
Central Asia and Asia

26. Exchange Rates and Firm Exports: The Role of Foreign Ownership and Subsidiaries

Author:
Hyelin Choi and Hyo Sang Kim
Publication Date:
08-2018
Content Type:
Working Paper
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
Exchange rates have been changed unusually large these days. From 2011 to 2016, the Euro and the Japanese Yen have depreciated against the US Dollar by more than 25 percent. According to a theory, since competitively valued exchange rate helps to boost export growth, we should have observed a sub-stantial increase in export in the EU and Japan. However, the effectiveness of the exchange rates on exports appears to be weak across countries. This anomaly is one of the central puzzles in international macroeconomics: why large movements in the exchange rate have modest effects on the aggregate variables such as import prices, consumer prices, and quantity of exports. In this paper, we examines the role of global production linkages on ex-change rate elasticities by using Korean firm-level data. At firm-level, foreign-owned firms or firms with foreign subsidiaries participated in the Global Value Chains (GVC) play an important role in weakening the effect of ex-change rate movements on firm exports. The empirical results show that the exchange rate elasticity of total export is about -0.64, which implies that 10% appreciation of Korean Won would make a drop in total export by 6.4%. However, the exchange rate elasticities of firms are not the homogeneous across firms. We find that the exchange rate elasticities of firm exports are significant and negative for domestic-owned firms and firms without foreign subsidiary whereas those are insignificant for foreign-owned firms and firms with foreign subsidiaries. After controlling exports to foreign affiliates, we still find that the estimated exchange rate elasticities of exports are statistically insignificant, but become negative and relatively larger for firms with global production linkages. More-over, firms with higher GVC integration measure or more imported inter-mediate inputs have the significantly lower exchange rate elasticities of firm exports. It suggests that developments of global production linkages via firm ownership, within-industry or within-firm in the last decade play an essential role in alleviating the effect of exchange rate movements on the firm exports.
Topic:
Exchange Rate Policy, Economic Policy, Exports, Macroeconomics, and Global Value Chains
Political Geography:
Global Focus

27. The Economic Importance of the KORUS FTA: A Case Study of the Korean Beef Market After Renegotiations

Author:
Jin Kyo Suh
Publication Date:
05-2018
Content Type:
Working Paper
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Beef trade was a major sticking point between the United States and South Korea in ratifying the KORUS FTA. The outcome of the renegotiations that led to the March 2018 agreement in principle did not impact sections pertaining to beef in the agreement, though looking at how beef trade would have been affected should the talks have failed highlights the importance of the agreement to both countries, but particularly the United States. This paper estimates the demand for imported beef in South Korea by source and product by using the production version of the Rotterdam demand system and assesses what the potential impact of U.S. withdrawal from the KORUS FTA would have been on beef trade between the U.S. and South Korea. The results suggest U.S. withdrawal from the KORUS FTA would have resulted in a considerable increase in Australian beef exports to South Korea, largely at the expense of U.S. beef. This is because there is significant price competition between beef imports from the United States and Australia. Furthermore, Korean consumers substitute American beef for Australian beef when the relative price of U.S. beef rises.
Topic:
Economics, Treaties and Agreements, Exports, and Trade Policy
Political Geography:
Asia, South Korea, North America, Korea, and United States of America

28. Trade linkages and firm value: evidence from the 2018 US-China "trade war"

Author:
Yi Huang, Chen Lin, Sibo Liu, and Heiwai Tang
Publication Date:
04-2018
Content Type:
Working Paper
Institution:
Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:
On March 22, 2018, Trump proposed to impose tariffs on up to $50 billion of Chinese imports leading to a significant concern over the "Trade War" between the US and China. We evaluate the market responses to this event for firms in both countries, depending on their direct and indirect exposures to US-China trade. US firms that are more dependent on exports to and imports from China have lower stock and bond returns but higher default risks in the short time window around the announcement date. We also find that firms' indirect exposure to US-China trade through domestic input-output linkages affects their responses to the announcement. These findings suggest that the structure of US-China trade is much more complex than the simplistic view of global trade that engendered Trump's "Trade War" against China.
Topic:
Economics, International Cooperation, International Trade and Finance, Global Political Economy, Trade Wars, and Exports
Political Geography:
United States, China, and Asia

29. Competitiveness-of ACP Sugar Exports in Global Markets

Author:
Tebogo Seleka and Thula Dlamini
Publication Date:
03-2018
Content Type:
Working Paper
Institution:
Botswana Institute for Development Policy Analysis
Abstract:
We employ the Normalized Revealed Comparative Advantage (NRCA) index on data for the period 1961-2013 to examine the competitiveness of the African, Caribbean and Pacific (ACP) countries in the global sugar market. Results indicate that the majority of the ACP states had comparative advantage in the global sugar market during the period 1961-2013. However, most of these countries also experienced declining comparative advantage, except for a few African countries that emerged from initial states of extreme comparative disadvantage to marginal comparative (dis)advantage. This occurred despite the fact that these countries enjoyed tariff free access to the highly protected EU market. Mauritius, followed by Fiji, Guyana and Jamaica, recorded the strongest comparative advantage among the ACP countries. However, it recorded weaker comparative advantage than the leading comparator non-ACP countries of Australia, Brazil and Thailand, which experienced considerable increases in comparative advantage over the considered period. Overall, there has been convergence in comparative advantage among ACP states since the signing of the Lomé convention in 1975.
Topic:
Development, Economics, Exports, Macroeconomics, and Economic Development
Political Geography:
Africa and Botswana

30. The Challenge of Emerging Technologies to Non-proliferation Efforts: Controlling Additive Manufacturing and Intangible Transfers of Technology

Author:
Kolja Brockmann and Robert E. Kelley
Publication Date:
04-2018
Content Type:
Working Paper
Institution:
Stockholm International Peace Research Institute
Abstract:
Additive manufacturing (AM) machines are multipurpose manufacturing instruments that rely on the transfer of build-information in a digital form. AM is a rapidly developing technology with a growing range of applications, especially in the aerospace and defence industry. It is also generating concerns about its potential to create ways of weakening or circumventing dual-use and arms export controls. This SIPRI Paper examines (a) the state of the art in AM; (b) its ability to produce military equipment and dual-use items; (c) the application of export controls to AM and their implementation at the national level; and (d) the challenges that implementation and compliance present for governments, companies and research institutes. The conclusions summarize potential options and considerations when expanding controls on AM. This is one of two research papers that address the closely related issues of controlling transfers of software and technology and applying exports controls to AM. Taken together, the papers examine some of the most challenging issues that governments, companies and research institutes in the European Union (EU) and the wider world are facing when they seek to effectively implement dual-use and arms export controls. The papers also address a range of topics that are under active discussion within the multilateral export control regimes and in connection with the recast of the EU Dual-use Regulation. For the second paper, 'The Challenge of Software and Technology Transfers to Non-proliferation Efforts: Implementing and Complying with Export Controls', see here. Funding for the concept paper was provided by the US Department of State’s Export Control and Related Border Security (EXBS) Program.
Topic:
Security, Arms Control and Proliferation, Science and Technology, Military Affairs, Disarmament, and Exports
Political Geography:
Europe and Global Focus